Apartment leads surged post-COVID, reaching a higher percentage year-over-year. Applications and signed leases rebounded to pre-COVID levels, but don’t match leads. Class C properties saw a strong surge in leads—higher than Class A and Class B. Class C properties had the fewest signed leases, while Class A signed leases spiked. As we move into a…
Percent of total rent collected in mid-June dipped 2% month-over-month. Rent collected in June is 8% lower than the 3-month pre-COVID average. Search interest in “apartments for rent” spiked, passing up pre-COVID levels. Total rent collected in both Georgia and California dropped 3% since May. Class C rent payments have stabilized but are 20% below…
Peak leasing season—the spring and summer months when leasing traffic accelerates—didn’t arrive this year as it normally would. Instead, a global pandemic made its way to the U.S. in March, causing most of the nation to shut down and subsequently throwing the economy off-kilter. Just as most multifamily operators were gearing up for a big…
While the pandemic wears on, we continue to monitor the effects of COVID-19 on rent payments across the U.S. Nearly three months since we first began closely analyzing rent payment behavior trends, we report on rent payments during the June grace period to help apartment operators understand what to expect. Below is a summary of…
A new month has begun, and it’s time to re-evaluate how American renters are holding up amid the economic downturn. Although states have begun to loosen stay-at-home orders and businesses are partially reopening, unemployment has hit an unprecedented high. Paired with pending eviction moratorium expirations and a patchwork of depleting emergency rent funding, COVID-19 continues…
Now that we’re halfway through the month, we’ve decided to take a mid-month look at rent payment behavior through May 15 to evaluate any shifts since our Rent Payment Report. Rent collected in the first half of both May and April was down 7 percentage points from the pre-COVID average. However, May rent payments have…
UPDATED October 2020 — As the COVID-19 pandemic continues testing the economic strength of the multifamily industry, state and city legislators across the nation are rallying support for emergency rent assistance programs in the form of rent relief funds and other financial resources. The relief comes on top of a national push to establish emergency…
As the COVID-19 pandemic continues to wreak havoc on the U.S. economy, apartment operators are paying attention now more than ever to rent payment behavior trends. We’re reporting on May rent payment behavior to provide a clearer picture of how COVID is affecting renters’ ability to pay rent. Below is a brief summary of key…
In April the apartment industry moved quickly in response to COVID-19, as shelter-at-home laws, eviction moratoriums, and rising unemployment rates became a new reality. Although rent payments trended downward in April, rent payment behavior didn’t decline as much as expected. Today, all eyes have turned to May, to determine whether rent payments will be harder…
Important statistical note: Despite the measured payment decline based on the sample set, the variance is within normal statistical range. In other words, the decline is not significant enough to attribute specifically to COVID-19 versus normal fluctuations expected across the data set. Please reference full methodology in footnote. Now that we’re halfway through the month,…
As the world continues to combat the spread of COVID-19, non-essential businesses are being forced to shut down and civilians are being ordered to shelter-in-place across the US. Inevitably, the unemployment rate has sky-rocketed, leaving many renters, legislators, and multifamily operators worried about rent. President of the National Multifamily Housing Council, Doug Bibby, recently wrote…
Our April Rent Payment Report aims to inform apartment operators and the wider multifamily industry about important rent behavior trends during the COVID-19 crisis. Read below for a brief summary of key findings. April Rent Payment Report Shows Fewer Full Payments, More Partial Payments While full rent payments made on April 1 returned better-than-expected results,…
